New Delhi — India became the world’s leading ship recycling nation in 2025, accounting for 35.4 percent of the global market, according to a United Nations Conference on Trade and Development report.
India’s share increased from 30.1 percent in 2024, while the volume of ships recycled in the country rose nearly 60 percent to 2.99 million gross tons from 1.86 million gross tons a year earlier, the Ministry of Ports, Shipping and Waterways said.
The ministry said the country had achieved its Maritime India Vision 2030 goal of becoming the world’s top ship recycling nation several years ahead of schedule.
“India’s emergence as the world’s top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards,” said Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal.
More than 16,000 vessels are expected to be recycled worldwide over the next decade, according to the Baltic and International Maritime Council. With its current market share, India could recycle about 500 to 600 vessels annually while continuing to expand its capacity.
The ministry attributed the industry’s growth to regulatory reforms, financial assistance and measures intended to make it easier to conduct business.
India enacted the Recycling of Ships Act in 2019 to establish a ship recycling system aligned with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships.
The government has provided Rs 53.5 crore in financial assistance to modernize ship recycling yards, helping 115 facilities comply with the convention’s standards.
The ministry has also introduced the Ship-breaking Credit Note Scheme, which gives ship owners a credit note equal to 40 percent of the scrap value of a recycled vessel.
The government is also seeking to have Indian ship recycling yards included on the European Union’s list of approved recycling facilities. (Source: IANS)
